AUGUST Market Update – Niagara Housing Sales UP 9.6%

It has been an active summer for real estate sales across the Niagara Region with 584 residential unit sales reported during the month of August in the communities serviced by the Niagara Association of REALTORS®. This figure reflects a gain of 9.6% over last August’s total of 533 transactions.

Pelham home sales continued to climb in August with 18 sales reported for the month compared to 16 in August 2013. According to the MLS statistics of the Niagara Association of REALTORS® there have been 176 units sold year-to-date in Pelham reflecting an increase of 14.3% over last year’s January to August sales total of 154 transactions.

Sales in the Rose City edged down slightly for the month with 74 transactions reported this August compared to 75 in August 2013. However, year-to-date sales remain steadfastly ahead of last year. As of the end of August total sales in Welland reached 540 units – up 11.6% from the total of 484 as at the end of August last year.

Year-to-date the picture in Niagara is shaping up to be our best performance in the past 4 years. So far this year there have been 4384 residential sales reported in Niagara – an increase of 6.2% over the total of 4129 unit sales recorded during January to August 2013. In comparison the totals for the past 2012, 2011 and 2010 have been 4169, 4279 and 4453 respectively.

The spike in activity is heating up average house prices throughout our Region. The Niagara 12-month average residential price reached $ $250,226 in August – up 5.8% over the August 2013 figure of $ $236,574.

In Pelham the 12-month average price rose 2.8% from $341,828 in August 2013 to $351,434 as of the end of August 2104. The 12-month average price now stands at $191,429 in Welland reflecting an increase of 2.6% over last August’s figure of $186,637.

This article is part of our series of “Real Estate View’ columns published in The Pelham News. You may read past columns here on our Niagara Realty Source Report BLOG.

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